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Q4 2020 results

Return to growth and stable credit quality


• Safeguarding the health and well-being of our employees and continuing to support our customers have remained key priorities in the quarter

• Sales have continuously been ramped up and Komplett Bank returned to net loan growth in Q4

• Credit performance and dividend capacity was strengthened during the period


• Net loans increase of NOK 20 million, or up NOK 240 million adjusted for currency and forward flow effects

• Total income was stable excluding negative non-recurring effects of NOK 16 million and came in at NOK 254 million compared to NOK 269 million in Q3 2020.

• Losses on loans were NOK 69 million, compared to NOK 80 million in Q3 2020. The underlying loan loss ratio was 4.0% adjusted for positive model parameter updates. The reported loan loss level was 3.3%

• Total operating expenses were NOK 99 million compared to NOK 91 million in Q3 2020, mainly driven by changes to accounting practices and sales expenses related to increased onboarding of new customers

• Profit after tax was NOK 66 million compared to NOK 73 million in Q3 2020

• Capital ratios strengthened and the CET1 ratio increased to 22.9% by end Q4 from 22.2% at end Q3 2020. Total capital ratio increased to 26.4% by end Q4 from 25.7% at end Q3 2020. Including Q4 2020 profit, the CET1 ratio was 23.6% and the total capital ratio 27.2%

Commenting on the results, CEO Jan Haglund, said:

“The Covid-19 pandemic prevails and Komplett Banks most important tasks in the quarter have been to safeguard the wellbeing of our employees and continue to support our customers. In this respect, I am pleased to say the pandemic has had limited direct impact on our people and operations.

On the impact of Covid-19 going forward, there is obviously no clear answer. However, given our profitability and flexibility we are in a good position to weather the potential impact of the pandemic. We monitor and track the situation closely and have not seen any negative effects on credit quality so far.
In the fourth quarter we returned to net loan growth and we continued to see strong demand from creditworthy individuals for our flexible financing solutions.

Maintaining a high focus on credit risk and collection performance is a requirement for sustainable and profitable growth, and I am satisfied that our efforts to improve credit quality are reflected in the underlying performance in past due balances and default levels.

Going forward, Komplett Bank will ensure to continue delivering growth by maintaining activity levels while also further improving customer acquisition processes. We will continue to focus on our core business during the pandemic, particularly maintain sharp focus on credit quality and continue to improve our data and analytics capabilities. We will continue to strengthen our operational performance and maintain focus on cost and efficiency. Last, but not least; we will ensure a continued robust financial position and dividend capacity to safeguard pay out of 30-50% in dividends, subject to decisions by the General
and Assembly and the regulatory authorities.”

CEO Jan Haglund and CFO Henning Fagerbakke will present the Bank's results at 08:45 CEST. The presentation and the Q&A session will be conducted via conference call and webcast:

Conference call dial in numbers:

Norway: +47 23963938
Sweden: +46 850558356
Denmark: +45 78723250
Finland: +35 8931583775
Canada: +1 474848335
France: +33 170750736
Germany: +49 69222239166
Italy: +39 0238594117
Spain: +34 914192767
UK: +44 3333009262
US: +1 8335268381

For further information, contact:

Investors: CFO Henning Fagerbakke
+47 95 46 37 20

Media: CEO Jan Haglund
+46 70 600 2061